What is Waaree Energies Ltd (WAAREEENER) share price return in the past 10 years?

Data is not available for this company

What is the share price of Waaree Energies Ltd (WAAREEENER)?

Company share prices are keep on changing according to the market conditions. The current trading price of Waaree Energies Ltd (WAAREEENER) on 04-Sep-2026 15:36:00 at 15:36 is 2636.00.

What is the P/E ratio of Waaree Energies?

The latest standalone P/E ratio of Waaree Energies as of 04-Sep-2026 is 19.32.

What is the P/B ratio of Waaree Energies Ltd (WAAREEENER)?

The latest standalone P/B ratio of Waaree Energies Ltd (WAAREEENER) as of 04-Sep-2026 is 5.35.

What is the 52-week high and low of Waaree Energies Ltd (WAAREEENER)?

The 52-week high of Waaree Energies Ltd (WAAREEENER) is Rs. 3864.40 and the 52-week low is Rs. 2402.00.

Waaree Energies Ltd (WAAREEENER)

Name: Waaree Energies Ltd (WAAREEENER)
Brand: Waaree Energies

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544277 NSE: WAAREEENER Electric Equipment | Mid Cap | Waaree Energies Share Price

₹2,636 56.00 (2.17%)

As on 04-Sep'26 15:36

Waaree Energies Ltd (WAAREEENER)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544277 NSE: WAAREEENER Electric Equipment | Mid Cap | Waaree Energies Share Price

₹2,636 56.00 (2.17%)

As on 04-Sep'26 15:36

Key Metrics

Valuation Multiples

Market Cap

₹74,214 Cr.

Current Price

₹2,636

52-Week Low / High

₹2,402 / 3,864

TTM EPS

₹133.6

TTM Sales

₹23,842 Cr.

Book Value per Share

₹482.1

P/E Ratio

19.32

Lower than its 3-year historical median

Industry PE

54.6

Price to Book (P/B)

5.35

Lower than its 3-year historical median

Price to Sales (P/S)

3.11

Lower than its 3-year historical median

EV/EBITDA

11.39

Lower than its 3-year historical median

Dividend Yield

Profitability Efficiency

Return on Equity (ROE)

33.59%

Outperforms industry median

Return on Capital Employed (ROCE)

39.73%

Outperforms industry median

Return on Assets (ROA)

18.37%

Operating Profit Margin

18.8%

Net Profit Margin

17.92%

Gross Profit Margin

28.4%

Growth Momentum
1-yr vs 3-yr growth

Sales Growth (1 Year)

Slowing versus 3-year growth rate

19.1%

Operating Profit Growth (1 Year)

Improving versus 3-year growth rate

99.62%

Net Profit Growth (1 Year)

Improving versus 3-year growth rate

111.24%

Asset Quality

Promoter Holding

64.12%

Pledged shares (%) of Promoter's holding (%)

0.00%

Reserves

₹13,581 Cr.

Equity

₹287.7 Cr.

Face Value

₹10

All Time Low / High

₹1808.65 / 3864.40

Waaree Energies stock performance

Key Ratios

Check Before You Invest

Quality

Very Good

Check detailed performance

Valuation

Somewhat Overvalued

Check Valuation charts

Price Trend

Weak

Check Price chart

Q.1 Is Waaree Energies Ltd a good quality company?

Waaree Energies Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.

How does Waaree Energies Ltd performance compare with that of its Peers?

Q.1 Revenue growth of Waaree Energies Ltd vs industry peers?

Waaree Energies Ltd revenue CAGR is 44.49%, compared to the industry median CAGR of 36.79%, indicating faster growth and gaining its market share.

Q.1 Promoter shareholding and pledge status of Waaree Energies Ltd?

Promoters hold 64.12% of the Waaree Energies Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Q.1 Stock return of Waaree Energies Ltd over the last decade?

Over the last 1 year(s), the stock has delivered a CAGR of -20.28% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	22.2%	34.6%	18.8%	24.3%	24.3%	20.9%	20.4%	39.9%	44.3%	32.6%	-
Value Creation Index ⓘ	1.0	2.1	0.7	1.2	1.2	0.9	0.5	1.9	2.2	1.9	-
Growth Parameters ⓘ
Sales ⓘ	998	1,065	1,277	1,605	2,027	1,993	2,771	6,533	10,718	12,765	23,842
Sales YoY Gr.	-	6.7%	19.9%	25.6%	26.3%	-1.7%	39%	135.7%	64.1%	19.1%	-
Adj EPS ⓘ	1.2	2.2	1.2	1.8	2.2	1.8	2.8	18	32.5	61.7	133.6
YoY Gr.	-	92.2%	-47.1%	52.5%	23.3%	-17.6%	52.5%	544.8%	80.6%	89.9%	-
BVPS (₹) ⓘ	8.3	10	11.3	13.2	15.4	17.8	21.7	78.4	154.3	325.4	482.1
Adj Net Profit ⓘ	22.8	44.1	23.3	35.4	43.7	36.1	54.9	438	854	1,773	3,842
Cash Flow from Ops. ⓘ	68.8	38.6	74.3	11.6	8	80.5	572	1,492	2,116	2,940	-
Debt/CF from Ops. ⓘ	1	1.3	2.1	9.1	10.5	2.1	0.6	0.5	0.4	0.4	-

CAGR ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	32.7%	44.5%	66.4%	19.1%
Adj EPS ⓘ	55.5%	94.5%	180.7%	89.9%
BVPSⓘ	50.4%	84.1%	146.5%	110.9%
Share Price	-	-	-	-17.7%

Key Financial Parameters ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	15	24.4	11.1	14.6	15.5	11	14.1	36.9	28.3	26.2	33.1
Op. Profit Mgn % ⓘ	5.8	6.7	4.5	5.6	4.6	4	3.2	11.6	12.8	18.8	20.8
Net Profit Mgn % ⓘ	2.3	4.1	1.8	2.2	2.2	1.8	2	6.7	8	13.9	16.1
Debt to Equity ⓘ	0.4	0.3	0.7	0.4	0.3	0.5	0.8	0.4	0.2	0.1	-
Working Cap Days ⓘ	84	90	87	87	95	128	111	136	144	150	96
Cash Conv. Cycle ⓘ	-8	-14	-12	-10	7	14	12	51	58	34	23

Valuation of Waaree Energies - Standalone

YTD 1Y 3Y 5Y 10Y Max

Analyst's Notes

No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARS	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	Mar'26
Sales	1,065	1,277	1,605	2,027	1,993	2,771	6,533	10,718	12,765	20,991
Operating Expenses ⓘ +	994	1,220	1,514	1,933	1,913	2,683	5,774	9,343	10,369	16,209
Manufacturing Costs	39	69	80	90	73	92	212	337	471	1,075
Material Costs	886	1,055	1,271	1,657	1,652	2,265	5,023	8,322	8,962	13,357
Employee Cost	22	32	42	49	43	46	109	133	213	307
Other Costs ⓘ	48	64	121	137	144	280	430	552	723	1,470
Operating Profit ⓘ	71	57	90	94	80	88	758	1,374	2,395	4,781
Operating Profit Margin (%)	6.7%	4.5%	5.6%	4.6%	4.0%	3.2%	11.6%	12.8%	18.8%	22.8%
Other Income ⓘ +	20	9	18	24	37	81	111	240	454	1,387
Exceptional Items ⓘ	0	0	1	0	4	0	-21	341	0	-295
Interest ⓘ	12	17	31	31	26	34	77	133	132	199
Depreciation ⓘ	8	8	19	26	27	40	155	264	321	707
Profit Before Tax ⓘ	71	42	60	61	68	96	618	1,558	2,396	4,968
Tax ⓘ	25	17	22	15	18	26	157	410	615	1,206
Profit After Tax	46	25	38	45	50	70	460	1,148	1,781	3,762
PAT Margin (%)	4.3%	2.0%	2.4%	2.2%	2.5%	2.5%	7.0%	10.7%	14.0%	17.9%
Adjusted EPS (₹)	2.3	1.3	1.9	2.3	2.6	3.5	18.9	43.7	62.0	130.8
Dividend Payout Ratio (%)	0%	0%	0%	0%	0%	0%	0%	0%	0%	3.10%

PARTICULARS	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	Mar'26
Equity and Liabilities
Shareholders Fund +	197	223	261	303	351	428	1,907	4,058	9,347	13,055
Share Capital ⓘ	76	197	197	197	197	197	243	263	287	288
Reserves ⓘ	122	26	64	106	154	231	1,664	3,795	9,060	12,767
Debt +	45	131	66	51	128	250	737	781	1,205	2,129
Long Term Debt	0	96	66	33	76	156	108	75	0	245
Short Term Debt	45	36	0	17	53	94	629	706	1,205	1,884
Minority Interest	0	0	0	0	0	0	0	0	0	0
Trade Payables	224	234	308	300	429	441	1,405	1,359	1,689	2,316
Others Liabilities ⓘ	127	83	153	196	196	915	3,284	4,395	5,602	5,629
Total Liabilities ⓘ	594	672	788	849	1,104	2,034	7,333	10,593	17,844	23,129
Fixed Assets
Net Fixed Assets ⓘ +	29	30	94	116	126	548	920	1,011	2,666	4,123
Gross Block	45	53	130	178	213	683	1,199	1,535	3,487	5,645
Accumulated Depreciation	16	24	37	62	87	135	279	524	821	1,522
CWIP ⓘ	0	27	0	0	1	123	453	1,207	1,734	701
Investments ⓘ	227	311	96	119	47	176	254	285	236	2,826
Inventories	59	96	100	243	368	536	2,679	2,558	2,307	3,934
Trade Receivables	151	89	215	154	117	76	321	792	717	1,930
Cash Equivalents ⓘ	18	15	119	42	104	324	1,715	3,616	7,020	4,077
Others Assets ⓘ	110	103	164	175	341	250	992	1,124	3,165	5,538
Total Assets ⓘ	594	672	788	849	1,104	2,034	7,333	10,593	17,844	23,129

PARTICULARS	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	Mar'26
Cash Flow From Operating Activity ⓘ +	39	74	12	8	81	572	1,492	2,116	2,940	705
PBT ⓘ	71	42	58	61	64	96	618	1,558	2,396	4,968
Adjustment ⓘ	11	19	40	51	38	72	249	287	48	-269
Changes in Working Capital ⓘ	-28	53	-72	-93	-5	427	720	580	1161	-2922
Tax Paid ⓘ	-15	-39	-17	-11	-22	-23	-95	-309	-666	-1,072
Cash Flow From Investing Activity ⓘ +	-6	-155	87	26	-151	-525	-2,246	-3,246	-6,765	-1,360
Capex	-7	-8	-55	-10	-21	-406	-791	-1,229	-2,400	-893
Net Investments	-11	-3	124	34	-54	-236	-1,277	-2,010	-3,252	3,250
Others ⓘ	11	-143	19	2	-76	117	-178	-8	-1,113	-3,717
Cash Flow From Financing Activity ⓘ +	-29	78	-79	-50	76	66	872	960	4,077	510
Net Proceeds from Shares ⓘ	0	0	0	0	0	0	1,040	1,003	3,492	3
Net Proceeds from Borrowing ⓘ	0	0	0	0	0	0	0	0	0	0
Interest Paid ⓘ	-9	-12	-28	-22	-21	-29	-61	-115	-64	-185
Dividend Paid ⓘ	0	0	0	0	0	0	0	0	0	-58
Others ⓘ	-20	90	-51	-28	96	95	-108	73	649	750
Net Cash Flow ⓘ	3	-2	20	-16	5	112	117	-169	252	-145

PARTICULARS	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	Mar'26
Ratios
ROE (%)	25.56	12.04	15.69	16.09	15.37	17.88	39.41	38.5	26.57	33.59
ROCE (%)	34.56	18.84	24.32	24.29	20.91	20.4	39.9	44.26	32.56	39.73
Asset Turnover Ratio	1.98	2.02	2.2	2.48	2.04	1.77	1.39	1.2	0.9	1.02
PAT to CFO Conversion(x)	0.85	2.96	0.32	0.18	1.62	8.17	3.24	1.84	1.65	0.19
Working Capital Days
Receivable Days	33.40	34.20	34.60	33.20	24.80	12.70	11.10	19	21.60	23
Inventory Days	21.70	22.20	22.40	30.90	55.90	59.50	89.80	89.20	69.60	54.30
Payable Days	76	79.30	77.80	66.90	80.50	70.10	67.10	60.60	62.10	54.70

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Waaree Energies Ltd FAQs

The current trading price of Waaree Energies on 04-Sep-2026 15:36 is ₹2,636.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Sep-2026 the market cap of Waaree Energies stood at ₹74,214 Cr

The latest P/E ratio of Waaree Energies as of 03-Sep-2026 is 19.32.

The latest P/B ratio of Waaree Energies as of 03-Sep-2026 is 5.35.

The 52-week high of Waaree Energies is ₹3,864.4 and the 52-week low is ₹2,402.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Waaree Energies is ₹23,842 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Waaree Energies Ltd is a good quality company.

The key valuation ratios of Waaree Energies Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Waaree Energies Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Waaree Energies Ltd

Waaree Energies Limited was originally incorporated as ‘Anmol Fluid Connectors Private Limited’ at Mumbai, Maharashtra as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated December 18, 1990, issued by the RoC. The name of the company was changed to ‘Waaree Solar Private Limited’, pursuant to a fresh certificate of incorporation issued by the RoC on April 25, 2007. The name of the company was further changed to ‘Waaree Energies Priave Limited’, pursuant to a fresh certificate of incorporation issued by the RoC on October 15, 2007. The name of the company was further changed to ‘Waaree Energies Private Limited’, pursuant to a fresh certificate of incorporation issued by the RoC on December 12, 2007. Thereafter, the company was converted into a public limited company pursuant to a special resolution passed in the extraordinary general meeting of the Shareholders held on March 8, 2013, and consequently the name of the company was changed to its present name i.e., ‘Waaree Energies Limited’, pursuant to a fresh certificate of incorporation issued by the RoC on May 2, 2013.

Waaree Energies is the largest manufacturer of solar Photo-voltaic (PV) modules in India. The company commenced operations in 2007 focusing on solar PV module manufacturing with an aim to provide quality, cost-effective sustainable energy solutions across markets, and aid in reducing carbon foot-print paving the way for sustainable energy thereby improving quality of life. The company’s solar PV modules are manufactured using multicrystalline cell technology, monocrystalline cell technology and emerging technologies such as Tunnel Oxide Passivated Contact (TopCon) which helps reduce energy loss and enhances overall efficiency. Its portfolio of solar energy products consists of the following PV modules: (i) multicrystalline modules; (ii) monocrystalline modules; and (iii) TopCon modules, comprising flexible modules, which includes bifacial modules (Mono PERC) (framed and unframed), and building integrated photo voltaic (BIPV) modules.

The company’s solar PV modules warranties are insured by external parties, which require it to maintain high standards for insurance approval. It has received a tier-1 PV module maker rating from the Bloomberg New Energy Finance between Fiscal 2018 and Fiscal 2024. Certain of its laboratories are accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL) which tests its solar PV modules for quality check. Further, it ensures that its manufacturing facilities are regularly audited by quality audit firms. It is also included under the ALMM list identified by the Government of India, which enables it to participate in various government schemes aimed at developing the solar industry in India. It also manufactures semi-flexible solar panels for sale to global customers through its in-house research and development in product application.

Business area of the company

The company is primarily engaged in the business of manufacture of Solar Photo-voltaic Modules, setting up of Projects in solar space and sale of electricity.

Products of the company

PV modules
Multicrystalline modules
Monocrystalline modules
TOPCon modules

Awards, accreditations or recognitions

2017: Solar PV EPC Company of the year at the India Solar Week Excellence 2017 awarded by Solar Quarter.
2017: Leadership in the category of Solar PV EPC Company of the Year Utility Scale (50 MW -100 MW) at the India Solar Week Excellence Awards 2017 awarded by Solar Quarter.
2017: Leadership in the category of Solar Module Company of the Year Utility Scale (Domestic Manufacturer) at the India Solar Week Excellence Awards 2017 awarded by Solar Quarter.
2017: Consumer choice award by Solar Quarter in the category of rooftop application, flexible modules (Waaree Merlin Modules).
2017: Dun and Bradstreet Everest Industries Limited award for Metro RESCO Solar PV Project.
2018: Solar Module Company of the year in solar sector at the CSR Leadership Awards by ET Now.
2018: Solar Module Company of the Year (Monocrystalline Technology) Domestic at the Indian Solar PV Module TECH India Awards 2018 awarded by Solar Quarter.
2018: Top-30 Evergreen in India for solar rooftop power plant ((i) Indian oil fuel retail outlet, Madhya Pradesh; (ii) Reliance Mumbai Metro; and (iii) Swaminarayan Temple, Gujarat) Awards by SKOCH.
2021: Best brand 2021 by the Economic Times.
2022: One of the top performers of 2022 in the PV Module Reliability Scorecard
2022: Indian module company of year for the state of Maharashtra at the Suryacon Pune Conference.
2022: Leading renewable energy manufacturer –solar modules at the Renewable Energy India Awards 2022.
2023: Most preferred workplace - manufacturing 2022-23 by Marksmen Network.
2023: Best performing domestic modules of the year for the state of Tamil Nadu at the Suryacon Coimbatore Conference 2023.
2023: Most preferred solar panel for rooftops in Maharashtra at the Suryacon Pune Conference.
2023: Winner of the renewable energy –manufacturer-solarcategory by the Indian Chamber of Commerce 2023.
2023: RE brand of the year at the RenewX Awards 2023.
2023: Energy Company of the year (Renewables) by the Economic Times at the Energy Leadership Awards 2023.
2023: EPC company of the year for largescale projects –platinum category at the Suryacon Coimbatore Conference 2023 to Waaree Renewable Technologies Limited.
2024: Long Association Award at Enerparc's vendor association meeting, Bangalore.
2024: Recognised in the Renewable Energy Test Center (RETC) 2024 PV Module Index Report.
2024: Largest solar PV module manufacturer for achieving 200GW non-fossil power capacity by Ministry of New and Renewable Energy, Government of India.
2024: Recognised as tier 1 solar module manufacturer by Bloomberg New Energy Finance.

History and milestones

2007: Entered the solar energy sector with a 30 MW module manufacturing line.
2014: Started a joint venture with North Eastern Electric Power Corporation Limited (NEEPCO) for implementation of solar power project in Sehore, Madhya Pradesh.
2017: Acquired 40% shares in Waaneep Solar Private Limited from NEEPCO pursuant to which Waaneep Solar Private Limited became its wholly owned subsidiary
2018: Commissioned solar photovoltaic modules plant having capacity of 1,000 MW.
2018: Divested Waaneep Solar Private Limited to Hero Solar Energy Private Limited in tranches.
2019: Commissioned international EPC project of 49.5 MWp ground mounted Song Giang solar power project in Vietnam
2021: Acquired 500 MW Solar Module manufacturing facility to take total installed capacity to 2GW Initiated construction activities for a solar cell manufacturing unit.
2023: Increased capacity to 12GW.
2023: Selected as a manufacturer under the PLI Scheme for setting up a manufacturing facility of 6GW as a greenfield project.
2024: Increased capacity to 13.3GW with commissioning of 1.3 GW of module manufacturing facility at Indosolar Limited’s Noida facility.

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Waaree Energies Ltd (WAAREEENER)

Waaree Energies Ltd (WAAREEENER)

Waaree Energies stock performance